Russia finalizes deal to supply Saudi Aramco with equipment: RDIF chief

The Russian Direct Investment Fund (RDIF) and Saudi Arabia have finalized the main parameters of the deal on Russian oilfield service company Novomet, Russian TASS news agency reported on Wednesday, citing RDIF’s Chief Executive Officer Kirill Dmitriev.

"Saudi Aramco, which is the world’s biggest oil company, is a very important partner," he told the Rossiya 24 TV channel on Tuesday.

"Right now, we have finalized the main parameters of the Novomet deal to supply Russian-made pumping equipment to Saudi Aramco and other companies, and Saudi Aramco will become an investor in this project."

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He added that various formats of Saudi Aramco investment in Russia are now under consideration, including the Arctic LNG-1 and various petrochemical projects.

"This is a chance to attract billions of dollars from Saudi Aramco into Russia, so that Russian companies worked for this giant in Saudi Arabia," Dmitriev said.

Earlier, Saudi energy minister Khalid al-Falih, who also heads the board of directors of Saudi Aramco, said in an interview with TASS that Saudi Aramco and Saudi Arabia’s sovereign fund are close to investing in the Russian oil production equipment manufacturer Novomet and Eurasia Drilling Company.

Dmitriev said at the Eastern Economic Forum in September that the joint fund of Russian Direct Investment Fund and Saudi Arabia’s sovereign fund Public Investment Fund (PIF) might close the deal on investing in Novomet by the end of the year.